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DEY, L.P. Continues its Strategy Toward Branded Pharmaceutical Products
Company Reduces Manufacturing Workforce
Napa, CA, June 29, 2005 - DEY, L.P. announced today that, as part of the company's long-term strategy to streamline its operations and invest more heavily in its branded pharmaceutical business, it is making a reduction in its manufacturing related workforce at the Napa facility.
"Several years ago we set out to strengthen the company by shifting from a primary reliance on generic pharmaceutical products and began building our portfolio of branded pharmaceutical products where opportunities for growth and profitability are much stronger, " said J. Melville Engle, DEY President and Chief Executive Officer. "The way we have remained financially healthy is by sticking to our long-term strategy and continually enhancing our efficiency and productivity, which, at times has necessitated adjustments to our manufacturing workforce. DEY's generic unit production requirements have softened over the last few years due to intense pricing pressure in the marketplace. By taking this action we will be more competitive by maintaining a lower cost structure."
Engle continued, "DEY's line of branded pharmaceutical products includes DuoNeb®, AccuNeb®, EpiPen®, and Curosurf®, all of which are growing and performing well. The reduction in workforce affects 107 employees involved with the manufacturing of DEY's generic products."
At meetings held with employees today, Engle noted the difficulty of any decision that leads to the loss of jobs. "To best help those individuals affected by this reduction, we are providing a package of financial resources (including severance, and continuation of health benefits) and support services (including outplacement) that will assist them in transitioning to other employment opportunities."
"We remain committed to Napa and are confident about where we are headed as a company," said Engle. "By following through on our strategy, we can look forward to a healthy future."
About DEY, L.P.
DEY, L.P., is a specialty pharmaceutical company focused on the development, manufacturing and marketing of prescription drug products for the treatment of respiratory diseases and respiratory-related allergies. Since 1978, patients have benefited from DEY's commitment to innovative and affordable health care solutions.The Web sites for DEY include www.dey.com, www.accuneb.com, www.curosurfusa.com, www.duoneb.com and www.epipen.com. DEY is an affiliate of Merck KGaA, Darmstadt, Germany.
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Media contacts:
Mel Engle, 707.224.3200, ext.2330
OR
Peter Carson 707.224.3200, ext.3312 or 202.744.3293
